Brand management company Authentic Brands Group has added Los Angeles-based denim specialist Lucky Brand Dungarees to its line-up.
The US Bankruptcy Court this week approved the deal from Sparc Group, a partnership with mall developer Simon Property Group, which is partially backed by Authentic Brands Group, owner of Aéropostale and Nautica.
Last month, Sparc entered a stalking horse asset purchase agreement to buy Lucky Band as it filed for Chapter 11 bankruptcy protection.
Through the new acquisition, Sparc will be the core licensee and operating partner for Lucky Brand and will oversee all sourcing, product design and development, wholesale, operations of the brand’s North American retail stores and e-commerce business.
ABG, meanwhile, will own the Lucky Brand intellectual property and oversee all licensing partnerships, new business and brand development.
Sparc Group already operates more than 2,600 retail stores, shop-in-shops and an ecommerce platform, and supports over $2.7bn in global retail sales annually.
It is partially owned by Authentic Brands Group (ABG), whose 50 lifestyle brands also include Juicy Couture, Vince Camuto, Herve Leger, Barneys New York and Nine West – and was part of a consortium that recently bought the assets of US teen fashion retailer Forever 21.
It is also currently involved in a stalking horse asset purchase agreement to buy bankrupt men’s wear retailer Brooks Brothers for US$325m.